In Q1, NLMK’s net profit under IAS fell by 82% to $57 million

In the first quarter of 2016, the net profit of NLMK Group (Novolipetsk Steel and its subsidiaries) under IAS fell by 82% to $57 million compared to the same period in 2015. This was reported by the company.

The decline was caused by the decrease in operating income, as well as the net negative result of foreign exchange - $66 million, the report says.